In February Electra Partners announced a £56 million investment to acquire a portfolio of five secondary private equity fund positions together with the likely purchase of a sixth fund. Electra Partners is pleased to announce that it has now acquired the sixth fund position for £9 million.
Subsequently Electra Partners has also acquired a further fund position for £13 million. These new investments take Electra Partners' holdings in EP I Secondary Portfolio to £78 million. The EP I Secondary Portfolio has been acquired at a discount to NAV and is attractive to Electra as it is distributing cash.
The Electra Partners deal team for this transaction included Alex Fortescue, Chris Hanna and Tom Stenhouse.
These investments follow a busy start to 2013 for Electra Partners having already announced the realisation of its investment in esure, which generated a 3x return, and the acquisition of UBM plc's Data Services businesses.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
For Alex Fortescue:
Nick Woods, M:Communications +44 (0)20 7920 2348
Nicholas Board or Andrew Kenny, Electra Partners +44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with more than 30 years' experience in the mid-market. As at 30 September 2012, the firm had funds under management of over £1.3 billion. The firm's flexible investment approach allows it to invest across a broad range of sectors and financial instruments including equity, senior equity, convertibles and mezzanine debt. Concentrating principally on Western Europe, and with the majority of investments expected to be made in the United Kingdom, Electra Partners typically seeks to invest in the region of £40 million to £100 million of equity, in deals of up to £300 million enterprise value.
The firm's major client is Electra Private Equity PLC, a private equity investment trust which has been listed on the London Stock Exchange since 1976. The firm also manages the Electra Partners Club 2007 LP, a fund raised in 2008 for the sole purpose of investing alongside Electra in controlled investment situations.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.